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In this episode of the Planned Solutions Incorporated Podcast, Both the federal government and the Federal Reserve continue to add stimulus to support the US economy. The Fed has created multiple programs to support business and consumer borrowing while keeping interest rates low. Meanwhile, Congress is debating yet another stimulus bill that may include a second round of direct payments, expanded business loans, continued support for unemployed individuals, and tax cuts. Also, The US labor market recovery is showing signs of stalling in July. The most important labor market indicator: new claims for unemployment insurance, increased in July for the first time since March. This may be a sign that the labor market is once again deteriorating as many states are forced to reinstitute economic restrictions due to the Coronavirus. And, The IRS is experiencing extreme delays in processing income tax returns. This is especially true for paper filed returns. The IRS has asked that taxpayers not call to inquire about the status of their returns as that will take resources away from processing returns. The IRS has also directed taxpayers to not submit new returns as it could create processing errors. So, it seems the best strategy for taxpayers is to be patient and hope that the IRS is able to catch up with its backlog as soon as possible Plus a look at the Planned Solutions Incorporated Office Bulletin Board- It has been well documented that many people who contract the COVID-19 display no symptoms and therefore may not know that they are spreading the disease. This seems to be especially true for younger people as in many cases they are less affected by the disease. There have also been news stories about the delays in Coronavirus testing as the labs that process these tests have been unable to scale to meet the demand for testing. If you think you may have had the virus there is a way you can be tested for COVID-19 antibodies while helping others. In many areas, when you give blood your blood is tested for antibodies as a part of the process and you will be notified if you are tested positive. This will not only let you know if you have contracted the virus but also may allow you to give blood to help those with the virus. In addition, blood banks still need donors to help people with non-virus related ailments. If you are still waiting for the IRS to process your tax return or respond to a request that you have sent them it may still be some time before the IRS is able to catch-up with their backlog. It appears the IRS is just now getting to tax returns and other correspondence that was sent to them in March. Therefore, it could still be months before they get to returns and notices that we submitted in April and later. Chase Armer's book- Financial Planning Insights is now available at: https://store.bookbaby.com/book/financial-planning-insights https://www.amazon.com/Financial-Planning-Insights-Decades-Planner/dp/1098306279/ref=sr_1_1?dchild=1&keywords=chase+armer&qid=1586894022&sr=8-1 To subscribe to the Personal Finance Review (the written form of all the content we discuss on the podcast) please e-mail Katie@PlannedSolutions.com The Personal Finance Review is published and distributed on a biweekly basis by Planned Solutions, Inc. for informational purposes only. Please seek the advice of a qualified financial planner before taking any action. Planned Solutions, Inc. ADDRESS: PHONE: 1130 Iron Point Road, Suite 170 (916) 361-0100 Folsom, CA 95630 (800) 750-2111 E-MAIL: FAX: Shannon@PlannedSolutions.com (916) 361-0191 WEB SITE: www.PlannedSolutions.com #finance #invest #investment #stocks #inflation #deflation #bonds